FY13 SPRAC APPLICATIONS
In FY-2012, $16 million was made available for SPRAC funding. An advance Notice was published on January 8, 2013 in which HUD presented and solicited public comment on the proposed eligibility and award criteria. The final Notice was published on July 3, 2013, and takes into consideration the public comments received in response to the January 8, 2013, solicitation.
Both the advance and final Notices and other pertinent SPRAC documents can be accessed on the SPRAC Program Documents web page. Please note that the deadline for all SPRAC application submissions (11:59 pm, EST, Tuesday, September 3, 2013) has expired. HUD is no longer accepting SPRAC application submissions under the current funding round.
If you have questions about the SPRAC Program, please contact the following email address: SPRAC@hud.gov. A HUD staff person will respond to your inquiry.
The Section 202 Supportive Housing for the Elderly Act of 2010, signed into law in January 2011, authorizes HUD to provide SPRACs with 20-year terms to prevent displacement of elderly residents of certain projects assisted under HUD’s Section 202 Supportive Housing for the Elderly program in the case of refinancing or recapitalization and to further preserve and maintain affordability of Section 202 Direct Loan projects. The purpose of SPRACs is to prevent displacement of income-eligible elderly residents of Section 202 Direct Loan properties with original interest rates of 6% or less in the case of refinancing or recapitalization. SPRAC is an important preservation tool for affordable multifamily properties.